DoE approves force majeure request of SC 55 consortium

BusinessWorld
May 14, 2021 | 7:21 pm
THE DEPARTMENT of Energy (DoE) has cleared service contract (SC) 55 consortium’s request to put its offshore west Palawan petroleum block under force majeure for one year, based on disclosures from two firms.
In a regulatory filing on Friday, the Ayala Group’s oil and gas exploration unit ACE Enexor, Inc. said its subsidiary Palawan55 Exploration & Production Corp., received DoE’s letter on May 11. Palawan55, which holds majority or 75% participating interest in the consortium, is the operator of the SC 55,
The DoE approved the consortium’s request to place the block under force majeure.
“The letter…states that the timeline of the SC 55 Appraisal Period will be adjusted accordingly, and the end of the period will be adjusted by the same amount of time that SC 55 was on Force Majeure,” ACE Enexor said.

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